3/5/22. Reserve Bank Interest Rate Announcement - XJO down moderately today -0.42%.
Until the RB announcement at 2.30 p.m., XJO traded in a choppy fashion and was more or less flat when the announcement came out. It then fell but recovered some of the loss to finish down moderately.
The two main lines of the Ichimoku system (Tenkan Sen and Kijun Sen) are locked together indicating a non-trending market. If Tenkan Sen (blue line) falls below Kijun Sen (red line) we'll have a sell signal.
I was a little surprised by the market's reaction to the RB announcement. A 0.25% rise was expected. Probably the death knell in the announcement was the statement showing that this well be the first of several interest rate rises to come.
Breadth was poor. The breadth charts I showed in last night's blog have deteriorated further. Stay defensive.
A-D Line:
NH-NL Cumulative
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